Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

USD/CAD broke pivotal resistance level 1.3120

  • USD/CAD broke pivotal resistance level 1.3120
  • Next buy target - 1.3300

USD/CAD continues to rise after the earlier breakout of the pivotal resistance level 1.3120 (which has been steadily reversing the price from the end of May, as can be seen from the daily USD/CAD chart below). The breakout of the resistance level 1.3120 is likely to accelerate the active (c)-wave of the minor ABC correction 2 from the start of June.

USD/CAD is expected to rise further to the next buy target at the resistance level 1.3300 (top of the previous minor correction 4 from March and the target price calculated for the completion of the active ABC correction 2).

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